ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 08/21/2012

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL – 08/21/2012

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

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Mortgage lenders would have to give consumers the option of a no-point, no-fee loan under proposed rules put forward by the Consumer Financial Protection Bureau with the intention of helping consumers understand mortgage costs and comparison shop. The proposed rules would require that lenders provide an interest-rate reduction when consumers elect to pay upfront points or fees.

In its latest proposal, the CFPB is backing down from a plan to ban origination points that vary with the size of the loan. In May, the bureau said origination points are easily confused with discount points, and that it was considering allowing lenders to charge only flat origination fees. The new rules would still prohibit the payment of incentives to mortgage loan originators for steering borrowers into higher-priced loans.

Dodd-Frank places certain restrictions on the points and fees offered with most mortgages and the qualification and compensation of loan originators. Without the proposed rule-making, Dodd-Frank would prohibit payment of upfront points and fees for most mortgages, even when consumers prefer a loan with a lower interest rate and some upfront costs, the CFPB said.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

In a statement, the Mortgage Bankers Association said it “applauds the bureau’s efforts to protect borrowers by eliminating steering, and the proposed rule appears to be a good step in that direction.

Consumers benefit from a vibrant and competitive mortgage market with a diversity of players, and this rule, as it relates to loan originator qualification and screening, should ensure a level playing field for originators, regardless of business model.”

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Last week, the CFPB said it also intends to require lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with their loan application.

ACTIVE REAL ESTATE FORECLOSURES FOR SALE IN MOBILE AL

Another proposed rule that would establish new appraisal requirements for higher-risk mortgages would require lenders to obtain an additional appraisal at no cost to the consumer if the seller acquired the property for a lower price during the past six months.

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